UK online spending more than triples over last 5 years

Online spending in the UK has been on the rise since Amazon went online some 20 years ago (Reuters)

Online spending in the UK has been on the rise since Amazon went online some 20 years ago, as consumers' fears about online shopping recede and they find online transactions more comfortable, according to card issuer Visa Europe.

An analysis by Visa Europe on online spend by UK cardholders revealed that online annual spend rose by 221% over the past five years from £37bn (€52bn, $58bn) in 2010 to £120bn in 2014.

Since 2010, UK Visa cardholders have spent more than £500bn online in over 7.6 billion transactions. Black Friday 2014 was the busiest e-commerce day in the UK retail history, with £614m spent on Visa cards.

The study also found that up to 30 June this year, the UK made more than 900 million transactions online with Visa cards, totalling £72bn.

Visa Europe added that more than one pound in every four spent on a Visa card is now spent online. This compares with one in five in 2010. Online spending with Visa cards has grown at an average annual rate of 39% every year since 2010, compared to 25.0% for face-to-face transactions during the same period.